Mirova, an affiliate of Natixis Investment Managers, is to acquire a 60MWp solar park with a potential additional storage capacity up to 30MW on Menorca, Spain.
Th project in the municipality of Mahon, has been developed by Qualitas Energy and Q-Impact.
The ready-to-build solar PV plant is expected to start construction by mid-2024 with an expected commissioning date in early 2026.
The annual production is estimated to be up to around 92,000MWh or approximately 20% of the annual electricity demand of the island of Menorca.
With this transaction executed with the fund Mirova Energy Transition 5 (MET5), Mirova continues to finance proven technologies needed for clean energy infrastructure essential to the decarbonization of energy production, storage, and consumption in Europe.
Mirova investment director Hélène Dimitracopoulos said: “These renewable energy assets are expected to drive impactful change and will contribute to shape a resilient, greener future in the Balearic Islands.
“We are thrilled by this opportunity to strengthen our presence in Spain, relying on Qualitas Energy and Q-Impact’s strong experience and anchorage in Menorca.”
Q-Impact managing partner Pablo Valencia added: “The development of these projects highlights the importance of the public and private collaboration in order to guarantee the required investments to foster the energy transition.
“Q-Impact and Qualitas Energy have been working in these projects since 2019, developing them with the utmost respect of social and environmental factors.
“The scale of these projects will kickstart a real energy transition in Menorca, significantly limiting the current emissions and pollution of the Mahon thermal plant.”
Manuel Espinosa Balaca,Qualitas Energy partner added: “Partnering with Mirova through this acquisition marks a significant milestone for Qualitas Energy, since we entrust these assets to a partner who mirrors our vision of a more sustainable future for generations to come.
“This collaboration exemplifies our shared commitment to propelling the energy transition in the Balearic Islands and throughout Spain, fostering the development of clean energy infrastructure.”